BNN Investments Announces First Quarter Results.News Editors/Business Editors TORONTO--(BUSINESS WIRE)--May 11, 2004 BNN BNN Boston Neighborhood Network BNN Boundary Network Node (IBM) BNN Back-Propagation Neural Network BNN Biological Neural Network BNN Bart's Neverending Network (public-service TV network in The Netherlands) Investments Ltd. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :BNB BNB Bed 'n Breakfast BNB Banco do Nordeste do Brasil (Brazil) BNB Banque Nationale de Belgique BNB Bulgarian National Bank BNB British National Bibliography BNB Bad News Bears (movie) ) today announced its financial results for the first quarter ended March 31, 2004. The company recorded net income of $0.2 million for the three months ended March 31, 2004, compared with net income of $0.6 million for 2003. After providing for preferred share dividend obligations and reflecting the increase in number of common shares outstanding, net loss per common share of BNN Investments for the period was $0.32 compared with $0.35 for the same period in 2003. BNN Investments Ltd. is a publicly listed investment company A listed investment company or LIC is an Australian closed end collective investment scheme similar to investment trusts in the UK. They are traded as other securities on the Australian stock market. See also
A mandate might be issued upon the decision of an appeal, which directs that a particular action be taken, or upon a is to provide its common shareholders with a leveraged investment in the securities of Brascan Corporation. The company currently owns 11,612,000 Class A shares of Brascan. The company's common shares trade on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors "BNB".
Consolidated Statement of Operations
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(unaudited) Three months ended March 31
(thousands of dollars, except ---------------------------
per share amounts) 2004 2003
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Investment income $ 2,682 $ 3,309
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Expenses
Operating 204 167
Interest 56 386
Amortization of deferred financing costs 224 224
Subsidiary preferred share dividends 1,953 1,953
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2,437 2,730
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Net income $ 245 $ 579
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Net loss per common share $ (0.32) $ (0.35)
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Net Asset Value The calculated net asset value of the company's common shares as at March 31, 2004 based on the stock market price of Brascan's Class A shares of $52.30 was $63.09 per share. A $1.00 change in the value of Brascan's Class A shares results in a $2.13 change in the calculated net asset value of a BNN Investments common share.
Statement of Financial Position
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(unaudited) As at March 31, 2004
(thousands of dollars, except ----------------------------------
per share amounts) Net Asset Value(5) Book Value
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Assets
Cash and cash equivalents $ 13,764 $ 13,764
Brascan Corporation(1) 607,308 333,845
Deferred financing costs - 4,846
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$ 621,072 $ 352,455
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Liabilities(2)
Accounts payable and provisions 1,511 1,511
Retractable preferred shares(3) 205,000 205,000
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206,511 206,511
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Shareholders' Equity
Preferred shares 70,750 70,750
Common shares 343,811 75,194
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414,561 145,944
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$ 621,072 $ 352,455
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Per Common Share(4) $ 63.09 $ 13.80
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1) The investment in Brascan represents 11,612,000 Class A Limited
Voting shares of Brascan with a market value of $52.30 per share
as at March 31, 2004.
2) The net asset value of liabilities approximates their respective
book values.
3) Represents $205 million retractable preferred shares issued by a
subsidiary of the company, BNN Split Corp.
4) As at March 31, 2004, there were 5,449,418 common shares of the
company issued and outstanding.
5) Net asset value per common share does not take into account tax
and transaction costs on disposition.
Note: This news release contains "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ". The words "believe", "expect", "anticipate", "intend", "estimate" and other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters identify forward-looking statements. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to differ materially from anticipated future results, performance or achievements expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by such forward-looking statements. Factors that could cause actual results to differ materially from those set forth in the forward-looking statements include general economic conditions, interest rates, availability of equity and debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay and other risks detailed from time to time in the company's continuous disclosure documents. The company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. |
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